Insights
Minnesota
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VACANCY
Apartment
The average Vacancy Rate was 7.2% in the Minneapolis metro
- No vacancy change since Q3 2022 in the Minneapolis metro.
- The Minneapolis metro had the highest vacancy level since Q1 2004.
Distribution / Warehousing
The average Vacancy Rate was 3.0% in the Minneapolis metro
- No vacancy change since Q3 2022 in the Minneapolis metro.
- The Minneapolis metro had the lowest vacancy level since Q3 2009.
Flex / R&D
The average Vacancy Rate was 6.0% in the Minneapolis metro
Office
The average Vacancy Rate was 21.8% in the Minneapolis metro
- Vacancy in the Minneapolis metro drifted upward by 40 basis points.
- The Minneapolis metro had the highest vacancy level since year-end 1993.
Retail
The average Vacancy Rate was 10.9% in the Minneapolis metro
RENT
Apartment
The average Asking Rent was $1,513 in the Minneapolis metro
- Rent in the Minneapolis metro was up 4.6% from Q3 2022.
- Minneapolis metro had its fastest rent rate of increase since Q2 1998.
Distribution / Warehousing
The average Asking Rent was $7.05 in the Minneapolis metro
- Rent in the Minneapolis metro was up 2.0% from Q3 2022.
- Minneapolis metro had its fastest rent rate of increase since Q3 2009.
- Rent Has risen for ten consecutive quarters in the Minneapolis metro.
Flex / R&D
The average Asking Rent was $9.36 in the Minneapolis metro
- Rent in the Minneapolis metro was up 1.5% from Q3 2022.
- Minneapolis metro had its fastest rent rate of increase since Q3 2009.
- Rent Has risen for ten consecutive quarters in the Minneapolis metro.